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A Consumer Microfinance Company shall adopt clear, transparent and documented scientific methods, criteria and procedures to evaluate the creditworthiness of the finance applicant and his/her ability to repay. These methods, criteria, and procedures shall be in accordance with the best practices in this area. The board of directors of the company shall adopt, revise at least once every three years, and update when necessary these criteria and procedures. The company shall apply these procedures and document them in the finance file prior to granting finance.
2.
A Consumer Microfinance Company shall set procedures for early risk detection in order to identify the finance with clear evidence of increased risk. It shall also develop quantitative and qualitative indicators for early risk detection.
